UPDATE 1-ICU Medical Q4 misses market, sees FY10 below estimates

* Q4 EPS $0.50 vs est $0.55

* Q4 rev $69.8 mln vs est $71.9 mln

* Sees 2010 EPS at $1.80 to $1.90

* Sees 2010 rev at $265 mln to $275 mln

* Shares down 5 pct in after-market trade

Feb 1 (Reuters) - ICU Medical Inc (ICUI.O) posted a lower-than-expected quarterly profit, hurt by a decrease in the sales of its connector product, and forecast 2010 profit below estimates, sending its shares down 5 percent in trading after the bell.

For the fourth quarter, the maker of disposable medical connection systems posted a net income of $7.4 million, or 50 cents per share, compared with $9 million, or 61 cents a share, in the year-ago quarter.

However, revenue grew 23 percent to $69.8 million, the company said in a statement.

Analysts on average expected the company to earn 55 cents a share, on revenue of $71.9 million, according to Thomson Reuters I/B/E/S.

For the full year, the company said it expects revenue in the range of $265 million to $275 million and earnings in the range of $1.80 to $1.90 per share.

Analysts were expecting revenue of $290 million and earnings of $2.23 per share.

Shares of the company were down 5 percent at $32.51 in after-market trade. They closed at $34.39 Monday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Unnikrishnan Nair)